myPOS Europe Limited
Annual Report and Financial Statements
For the year ended 31 December 2021
Company Registration No. 10630670 (England and Wales)
myPOS Europe Limited
Company Information
Directors
B Attwood
G Brenan
S Pilloy
I Rasmally
(Appointed 1 December 2021)
Company number
10630670
Registered office
The Shard
Level 24, 32 London Bridge Street
London
SE1 9SG
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
myPOS Europe Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
myPOS Europe Limited
Strategic Report
For the year ended 31 December 2021
Page 1
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
m
yPOS Europe Ltd (the Company) is an electronic money institution authorised and regulated by the FCA UK to provide e-money and payment services, under the Electronic Money Regulations 2011 (EMRs).
The objective of the Company
,
and myPOS group, is to provide integrated and affordable payment solutions
,
changing the way businesses accept card payments across all channels - at the counter, online and mobile. Combining the latest payment technologies with imagination and expertise, myPOS has created a new payment world, built on innovation, freedom, flexibility and opportunities for growth.
For the period under review, in accordance with agreements in place between myPOS Europe Ltd, myPOS Technologies AD (Bulgaria) and iCard AD (Bulgaria), myPOS Europe Ltd has provided e-money account services to its customers, whil
e
myPOS Technologies AD has provided card related services to the same customer base.
Principal risks and uncertainties
myPOS Europe has implemented an Enterprise Risk Management Framework (ERMF) which drives its approach to risk management. The framework sets out the activities, tools and techniques used to ensure that all material risks are identified, assessed and treated in a consistent way across the Company.
The key risk themes to which myPOS Europe is exposed are described below. These are not exhaustive but cover the principal exposures.
Macro / geopolitical
myPOS Europe’s business is sensitive to conditions and uncertainties in the markets it operates in. During 2021 the Company continued to monitor and mitigate the impact of COVID-19 on its business. It also monitored its trading following the end of the Brexit transition period and the implementation of its Brexit contingency plans.
Capital and liquidity
T
his is the risk that myPOS Europe won’t be able to maintain sufficient capital and liquidity buffers to meet its regulatory requirements. It has appropriate mitigating actions in place that are monitored at the most senior level, including regular capital and liquidity adequacy assessments, identifying all of the Company’s financial risks through the internal Risk Control Self Assessment and running stress test scenarios.
Safeguarding risk
A
s an e-money institution, myPOS Europe is subject to strict client funds safeguarding requirements. We have comprehensive policies in place including detailed daily reconciliations to ensure that we comply with these obligations at all times. During 2021 the Company successfully completed its first annual safeguarding audit.
Financial risk includes credit and foreign exchange risks
myPOS Europe manages these risks by monitoring its counterparties, by performing reverse due diligence on them and by monitoring and managing foreign exchange exposure on an ongoing basis.
myPOS Europe Limited
Strategic Report (Continued)
For the year ended 31 December 2021
Page 2
Operational risk
(i
ncluding
t
hird party risk
)
T
his is the risk of loss resulting from inadequate or failed internal or third-party processes, people, systems or from external events. myPOS Europe continues to invest in robust operational systems and controls (including close management of its most critical suppliers through monitoring of service level agreements) to help it respond to unexpected events in a structured and timely way. During 2021 a significant amount of management time was dedicated to meeting the new Operational Resilience requirements set out by the FCA.
Cyber and data
T
he Company maintains a comprehensive security assessment programme and continues to invest in its platform and systems to prevent breaches of data privacy and security
Regulatory and Financial Crime
T
he scale and pace of regulatory change in the payment sector
continues to require
significant commitment of time and resources from the business and from external consultants. The Company engages with its regulator, industry bodies and advisors
,
and takes part in consultation processes. It assesses the impact of new regulations on its business and implements the required changes to its policies, processes and controls. It continues to evolve its financial crime control framework, reviewing its policies and procedures, improving its transaction monitoring system and controls, and
identifying
to new fraud typologies.
Key performance indicators
The board reviews and approves the annual budget and forecast. In addition to reviewing performance on a monthly basis, the board has established Key Performance Indicators (KPIs) such as those indicated below. Such KPIs are used by management to monitor performance on a regular basis.
Key performance indicators are turnover and gross profit. For the year 2021, these amounted to EUR
2,613,280 and EUR 1,954,549 respectively. At the year end the company had net assets of EUR 2,675,342.
The directors of the Company are satisfied with the Company’s performance for the period. myPOS Europe Ltd has achieved most of its strategic objectives and continues to operate in an effective manner.
myPOS Europe Limited
Strategic Report (Continued)
For the year ended 31 December 2021
Page 3
Statement by the directors relating to their statutory duties under section 172(1) of the Companies Act 2006
The directors, in line with their duties under s172 of the Companies Act 2006, act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its member, and in doing so have regard, amongst other matters, to the:
-
Likely consequences of any decision in the long term;
-
Interests of the company’s employees;
-
Need to foster the company's business relationships with suppliers, customers and others;
-
Impact of the company's operations on the community and the environment;
-
Desirability of the company maintaining a reputation for high standards of business conduct;
-
Need to act fairly as between members of the company.
Stakeholders
The board understands the importance of engagement with all of its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholder in weighing up how best to promote the success of the company. The board regularly discusses issues concerning customers, suppliers, employees, community and environment, regulators and its shareholder, which it takes into account in its discussions and in its decision-making process. In addition to this, the board seeks to understand the interests and views of the company's stakeholders by engaging with them directly when required. The below summarises the key stakeholders and how we engage with each:
Customers
The board is in regular contact with existing and potential customers, to obtain feedback on matters such as product quality and customer service. The company’s customer relations team is critical to ensuring long term customer satisfaction through regular communication and product improvement.
Suppliers
We work with a range of suppliers and remain committed to being fair and transparent in our dealings with all of our suppliers. The company has systems and processes in place to ensure suppliers are paid in a timely manner.
Employees
The company has a well-established management reporting structure which encourages employee engagement in an open working environment. The board is responsible for ensuring that this structure enables effective communication and feedback between employees and management.
Community and environment
The board is aware of the impact its activities can have on the environment, and is committed to minimising our environmental footprint.
Regulators
We work with our regulators in an open and proactive manner to help develop processes and controls that meet the needs of all our stakeholders. The board's intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and good governance expected of a regulated business like ours.
myPOS Europe Limited
Strategic Report (Continued)
For the year ended 31 December 2021
Page 4
Shareholder
The board also seeks to behave in a responsible manner towards our one shareholder. The board communicates information relevant to its shareholder, such as its financial reporting.
On behalf of the board
S Pilloy
Director
15 August 2022
myPOS Europe Limited
Directors' Report
For the year ended 31 December 2021
Page 5
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of issuing electronic money (e-money) and providing payment services through myPOS Group.
Branches
During the year the company operated a branch office in Varna Bulgaria, to provide administrative support to its UK operations.
Results and dividends
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B Attwood
G Brenan
S Pilloy
I Rasmally
(Appointed 1 December 2021)
M R Destraz
(Resigned 23 September 2021)
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. The company does not consider it has a high level of liquidity risk in view of the level of capitalisation required by the Financial Conduct Authority and the policy of the directors which is to not to take on obligations unless there is a source of finance to satisfy those obligations.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures be hedged in order to fix the cost in Euro.
Credit risk
At present the company’s primary credit risk is with its trade debtors bank balances and with its banks. The Directors have assessed this risk and consider it to be at a low level in view of the financial strength of the counterparties.
Cash flow risk
Cash flow risks are that the company does not have sufficient financial resources to meet its obligations as they fall due. The company has implemented systems and controls to mitigate such risks.
Future developments
The directors are confident about the company's progress and believe the company is well placed to make further progress during the coming year. The company will continue to expand its client base by means of organic growth.
myPOS Europe Limited
Directors' Report (Continued)
For the year ended 31 December 2021
Page 6
Auditor
Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Post reporting date events
Since
the year end
myPOS Europe has started providing card-related services directly to its customers after obtaining its own membership of the card schemes.
On behalf of the board
S Pilloy
Director
15 August 2022
myPOS Europe Limited
Independent Auditor's Report
To the Members of myPOS Europe Limited
Page 7
Opinion
We have audited the financial statements of myPOS Europe Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, the Statement Of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
myPOS Europe Limited
Independent Auditor's Report (Continued)
To the Members of myPOS Europe Limited
Page 8
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the Strategic Report and the Directors'
R
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the Strategic Report and the Directors'
R
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors'
R
esponsibilities
S
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
myPOS Europe Limited
Independent Auditor's Report (Continued)
To the Members of myPOS Europe Limited
Page 9
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance
,
but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
-
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
myPOS Europe Limited
Independent Auditor's Report (Continued)
To the Members of myPOS Europe Limited
Page 10
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
-
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
-
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
-
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
-
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
-
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Thomas Moore (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
16 August 2022
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
myPOS Europe Limited
Statement of Comprehensive Income
For the year ended 31 December 2021
Page 11
2021
2020
Notes
€
€
Revenue
3
2,613,280
3,247,854
Cost of sales
(658,731)
(1,056,830)
Gross profit
1,954,549
2,191,024
Administrative expenses
(1,753,247)
(1,711,041)
Operating profit
4
201,302
479,983
Finance costs
7
(4,208)
(5,832)
Profit before taxation
197,094
474,151
Tax on profit
8
38,403
(40,983)
Profit for the financial year
235,497
433,168
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
myPOS Europe Limited
Statement Of Financial Position
As at 31 December 2021
Page 12
2021
2020
as restated
Notes
€
€
€
€
Non-current assets
Intangible assets
9
126,761
27,012
Property, plant and equipment
10
17,238
24,676
143,999
51,688
Current assets
Trade and other receivables
11
2,954,841
5,400,644
Cash and cash equivalents
30,335,131
15,188,053
33,289,972
20,588,697
Payables: amounts falling due within one year
13
(30,747,761)
(18,034,890)
Net current assets
2,542,211
2,553,807
Total assets less current liabilities
2,686,210
2,605,495
Payables: amounts falling due after more than one year
14
(155,832)
Provisions for liabilities
Deferred tax liability
16
(10,868)
(9,818)
(10,868)
(9,818)
Net assets
2,675,342
2,439,845
Equity
Called up share capital
18
2,255,944
2,255,944
Retained earnings
419,398
183,901
Total equity
2,675,342
2,439,845
The financial statements were approved by the board of directors and authorised for issue on 15 August 2022 and are signed on its behalf by:
S Pilloy
Director
Company Registration No. 10630670
myPOS Europe Limited
Statement of Changes in Equity
For the year ended 31 December 2021
Page 13
Share capital
Retained earnings
Total
€
€
€
As restated for the period ended 31 December 2020:
Balance at 1 January 2020
2,255,944
(249,267)
2,006,677
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
433,168
433,168
Balance at 31 December 2020
2,255,944
183,901
2,439,845
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
235,497
235,497
Balance at 31 December 2021
2,255,944
419,398
2,675,342
myPOS Europe Limited
Statement of Cash Flows
For the year ended 31 December 2021
Page 14
2021
2020
as restated
Notes
€
€
€
€
Cash flows from operating activities
Cash generated from operations
22
15,410,618
370,385
Interest paid
(4,208)
(5,832)
Net cash inflow from operating activities
15,406,410
364,553
Investing activities
Purchase of intangible assets
(103,500)
(27,012)
Purchase of property, plant and equipment
(917)
Net cash used in investing activities
(103,500)
(27,929)
Financing activities
Repayment of borrowings
(155,832)
5,832
Net cash (used in)/generated from financing activities
(155,832)
5,832
Net increase in cash and cash equivalents
15,147,078
342,456
Cash and cash equivalents at beginning of year
15,188,053
14,845,597
Cash and cash equivalents at end of year
30,335,131
15,188,053
myPOS Europe Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 15
1
Accounting policies
Company information
myPOS Europe Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Shard, Level 24, 32 London Bridge Street, London, England, SE1 9SG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
euros
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest €.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue represents income from the operation of electronic money (e-money) accounts.
This includes fees for credit transfers, FX and accounts maintenance fee charged to fellow group entity myPOS AD under the service-level agreement (SLA).
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and recognised as the transactions are fulfilled.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
2 or 3 years straight line
Licenses
3 years straight line
At 31 December 2021 the licenses have not been amortised on the basis that they were not in use until April 2022.
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 16
1.5
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% straight line
Computers
50% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand,
safeguarded client bank accounts,
deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 17
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
trade and other receivables
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 18
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 19
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
non-current assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 20
3
Revenue
2021
2020
€
€
Revenue analysed by class of business
Commissions receivable
2,613,280
3,247,854
2021
2020
€
€
Revenue analysed by geographical market
Europe
2,613,280
3,070,373
Rest of the world
-
177,481
2,613,280
3,247,854
4
Operating profit
2021
2020
Operating profit for the year is stated after charging:
€
€
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
11,180
23,078
Fees payable to the company's auditor for the audit of the company's financial statements
38,500
20,898
Depreciation of owned property, plant and equipment
7,438
19,863
Amortisation of intangible assets
3,751
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Management
2
2
Administration
27
28
Total
29
30
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
5
Employees
(Continued)
Page 21
Their aggregate remuneration comprised:
2021
2020
€
€
Wages and salaries
1,035,156
981,716
Social security costs
105,423
123,084
Pension costs
20,035
21,910
1,160,614
1,126,710
6
Directors' remuneration
2021
2020
€
€
Remuneration for qualifying services
513,879
405,439
Company pension contributions to defined contribution schemes
8,021
10,637
521,900
416,076
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2020 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
€
€
Remuneration for qualifying services
226,259
209,940
Company pension contributions to defined contribution schemes
6,557
6,067
7
Finance costs
2021
2020
€
€
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,208
5,832
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 22
8
Taxation
2021
2020
€
€
Current tax
UK corporation tax on profits for the current period
39,453
Adjustments in respect of prior periods
(39,453)
Total current tax
(39,453)
39,453
Deferred tax
Origination and reversal of timing differences
1,050
1,530
Total tax (credit)/charge
(38,403)
40,983
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
€
€
Profit before taxation
197,094
474,151
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
37,448
90,089
Tax effect of expenses that are not deductible in determining taxable profit
2,134
(101)
Tax effect of utilisation of tax losses not previously recognised
(49,205)
Group relief
(39,016)
Permanent capital allowances in excess of depreciation
1,532
Adjustments in respect of financial assets
(566)
Under/(over) provided in prior years
(39,453)
Foreign exchange differences
198
Deferred tax for the period
1,050
(1,530)
Taxation (credit)/charge for the year
(38,403)
40,983
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 23
9
Intangible fixed assets
Software
Licenses
Total
€
€
€
Cost
At 1 January 2021
27,012
27,012
Additions
103,500
103,500
At 31 December 2021
27,012
103,500
130,512
Amortisation and impairment
At 1 January 2021
Amortisation charged for the year
3,751
3,751
At 31 December 2021
3,751
3,751
Carrying amount
At 31 December 2021
23,261
103,500
126,761
At 31 December 2020
27,012
27,012
10
Property, plant and equipment
Fixtures and fittings
Computers
Total
€
€
€
Cost
At 1 January 2021 and 31 December 2021
31,832
52,638
84,470
Depreciation and impairment
At 1 January 2021
10,463
49,331
59,794
Depreciation charged in the year
4,965
2,473
7,438
At 31 December 2021
15,428
51,804
67,232
Carrying amount
At 31 December 2021
16,404
834
17,238
At 31 December 2020
21,369
3,307
24,676
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 24
11
Trade and other receivables
2021
2020
As restated
Amounts falling due within one year:
€
€
Trade receivables
365
Amounts owed by group undertakings
1,283,034
1,784,978
Other receivables
1,591,966
3,528,859
Prepayments and accrued income
56,670
86,442
2,931,670
5,400,644
2021
2020
Amounts falling due after more than one year:
€
€
Other receivables
23,171
Total debtors
2,954,841
5,400,644
Amounts owed from group companies are unsecured and repayable on demand.
12
Client e-money
Ca
sh at bank and in hand of
EUR 30,335,131
(
2020
:
EUR 15,188,053) in
cludes
EUR 28,386,881
(
2020:
EUR 14,174,362)
held in respect of customer balances in segregated bank accounts,
an associated
liability for which is
included
within
other
creditors.
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 25
13
Payables: amounts falling due within one year
2021
2020
As restated
€
€
Trade payables
155,476
61,093
Amounts owed to group undertakings
38,471
7,000
Corporation tax
39,453
Other taxation and social security
35,475
32,482
Other payables
30,269,985
17,751,297
Accruals and deferred income
248,354
143,565
30,747,761
18,034,890
Amounts owed to group companies are unsecured and repayable on demand.
Included with other creditors are amounts owed to clients and payment partners of €30,023,272 (2020: €17,662,868) which relate to the company's e-money and payment services business. Cash at bank and in hand includes an associated amount of €28,386,881 (2020: €14,174,362) which relates to the safeguarded client bank accounts. Other debtors includes €1,636,391 (2020: €3,488,506) receivable from payment partners.
14
Payables: amounts falling due after more than one year
2021
2020
Notes
€
€
Other borrowings
15
155,832
Other loans of €nil (2020: €155,832) relates to a subordinated loan from the parent company, myPOS World Limited. The loan is unsecured and interest is charged at a rate of 3.2% per annum. It ranks after other debts of the company. The loan was drawn down on 27 September 2019 and had a repayment date no sooner than 26 September 2024.
15
Borrowings
2021
2020
€
€
Other loans
155,832
Payable after one year
155,832
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 26
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
€
€
Accelerated capital allowances
10,868
9,818
2021
Movements in the year:
€
Liability at 1 January 2021
9,818
Charge to profit or loss
1,050
Liability at 31 December 2021
10,868
The deferred tax liability set out above is expected to reverse within 24 months and relates to accelerated capital allowances that are expected to mature within the same period.
17
Retirement benefit schemes
2021
2020
Defined contribution schemes
€
€
Charge to profit or loss in respect of defined contribution schemes
20,035
21,910
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary shares of £1 each
2,000,000
2,000,000
2,255,944
2,255,944
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 27
19
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
€
€
Within one year
126,896
28,617
Between two and five years
24,889
151,785
28,617
20
Related party transactions
The Company has taken advantage of the exemption available in FRS 102-33.9 "Related party disclosures" whereby it has not disclosed transactions with the parent company and wholly owned fellow group entities.
21
Ultimate controlling party
The parent company is myPOS World Ltd, a company registered in England and Wales. The ultimate parent company is Fintech Ventures Partners Ltd and is also the ultimate controlling party.
myPOS World Ltd prepares group financial statements and copies can be obtained from The Shard, Level 24, 32 London Bridge Street, London, SE1 9SG.
22
Cash generated from operations
2021
2020
€
€
Profit for the year after tax
235,497
433,168
Adjustments for:
Taxation (credited)/charged
(38,403)
40,983
Finance costs
4,208
5,832
Amortisation and impairment of intangible assets
3,751
Depreciation and impairment of property, plant and equipment
7,438
19,863
Movements in working capital:
Decrease in trade and other receivables
2,445,803
256,150
Increase/(decrease) in trade and other payables
12,752,324
(385,611)
Cash generated from operations
15,410,618
370,385
myPOS Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 28
23
Analysis of changes in net funds
1 January 2021
Cash flows
31 December 2021
€
€
€
Cash at bank and in hand
15,188,053
15,147,078
30,335,131
Borrowings excluding overdrafts
(155,832)
155,832
-
15,032,221
15,302,910
30,335,131
24
Prior period adjustment
A p
rior year adjustment
has been made to gross up the assets and liabilities held in respect of the company's e-money business.
The company operates a number of safeguarded client bank accounts which have an associated liability to clients and payment partners. In the prior year these balances were offset and adjustments have been made to show the gross amounts within cash at bank and in hand, other receivables and other payables as follows:
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 Dec 2020
€
€
€
Current assets
Debtors due within one year
1,912,138
3,488,506
5,400,644
Bank and cash
1,013,691
14,174,362
15,188,053
Creditors due within one year
Other payables
(300,087)
(17,662,868)
(17,962,955)
Net assets
2,439,845
-
2,439,845
Capital and reserves
Total equity
2,439,845
-
2,439,845
2021-12-31
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